The process of choosing the next generation successor is often more difficult in family businesses than their non-family counterparts. Choosing the wrong successor can be detrimental to both the business and the family. Common management succession issues include:
- development and implementation of family wealth planning programs
- timing of management transition and operational control to the next generation
- roles and responsibilities of both current owners and potential successors
- competency assessments and grooming plans for potential successors
- family business and council meetings, for active family members and the broader family respectively.
By implementing our family business guidelines to family succession and a proper governance structure, the management succession process can be completed with minimal conflict and will result in the most competent successor being chosen.